As part of the requirements the city must meet before city council can approve the $100 million of certificates of obligation the city must notify us of what their current debt situation is.
From their notice:
the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem raxes on time and in full is $1,818,279,445.84 (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $173,780,312.50;
The $100 million will turn out to be $173 million by the time interest is paid.
Before issuing the new certificates of obligation, and before issuing the $413 million that the recent election gave them, and before issuing the $180 million for the multipurpose performing arts and entertainment facility they will have to pay out $1.818 billion dollars.
That does not include the approximately $400 million that the police and firefighter pension plans are underfunded by.
Let’s add this up:
Existing debt 1,818,000,000 (that’s 1.8 billion)
New certificates of obligation 173,780,000
Police and fire pension 400,000,000
Recent bond election 413,000,000 (that’s without interest)
Total $2,804,780,000 (that’s 2.8 billion dollars)
Our city population is about 685,000 people.
Each of us owes about $4,094 at this point.
We deserve better